ContourGlobal Secures US$350 million in US Tax Equity and Debt Financing for 324 MWp Solar Project in Colorado

ContourGlobal, a global power generation company, has achieved a significant milestone by closing its inaugural renewable energy project financing in the United States, totaling over USD 350 million and featuring the firm's first-ever Tax Equity investment.

The financing supports ContourGlobal’s 324 MWp Black Hollow Sun (BHS) photovoltaic project, located in Colorado. Phase I of the solar project, totaling 185 MWp, is already in commercial operation and delivering electricity to Platte River Power Authority, a community-owned utility serving Fort Collins, Loveland, Estes Park, and Longmont. Phase II, which will add a further 139 MWp, is expected to be completed by the end of 2026, making Black Hollow Sun the largest photovoltaic installation in Northern Colorado, capable of producing enough clean electricity to power more than 73,000 homes yearly.

The transaction includes two primary components: a Tax Equity investment and a Debt financing package. The Tax Equity investment was provided by Tyr Energy, Inc., active in the development, acquisition and financing of electric power assets and delivering comprehensive management and oversight services to power generation and electric utility companies. 

The Debt financing was arranged with a club of international lenders, including Crédit Agricole CIB, ING Capital LLC, Intesa Sanpaolo, Mizuho, and MUFG. ContourGlobal was supported by CRC-IB as financial advisor, Norton Rose Fulbright US LLP as New York counsel, and Davis Graham & Stubbs LLP as Colorado counsel. Tyr was also supported by CRC-IB as a financial advisor. Milbank LLP acted as New York counsel and Husch Blackwell LLP acted as Colorado counsel for both the Tax Equity and Debt financing.